Push for Business Reforms

India's Economic Survey highlights the urgency of manufacturing reforms, emphasizing deregulation, R&D investment, and state-level policy shifts to position India as a global industrial leader

- ADITYA SINHA

India's Economic Survey, a long-standing prelude to the Union Budget, has evolved from a 1950-51 white paper into a crucial economic analysis tool. Though not constitutionally mandated, it has become an institutional fixture, traditionally released a day before the Budget. Initially reliant on secondary data, it transformed into a key primary data source over time. While early editions were dry and repetitive, the 1990s liberalization infused it with deeper analysis and broader variables. Though its primary role is documenting past performance, some editions have ventured into forecasting and policy recommendations, though with limited budgetary influence. Traditionally authored by the Chief Economic Advisor (CEA), the Survey later became an anonymous document under the Department of Economic Affairs (DEA), allowing CEAs to inject personal viewpoints. However, post-2021-22, it has returned to a fact-driven, analytical format, with the latest edition offering a structured, data-rich review of India's economic trajectory across 13 chapters.